Nevada Malpractice Insurance Policy Information
Nevada Malpractice Insurance. A type of insurance purchased by health care professionals (and sometimes by other types of professionals, such as lawyers). It protects such professionals against potential negligence claims made by their patients and/or employers.
Nevada malpractice insurance covers bodily injury or property damage as well as liability for personal injury such as mental anguish. This includes the costs of defense and cost containment expenses.
Nevada malpractice insurance protects your company from negligence claims with rates as low as $67/mo. Get a fast quote and your certificate of insurance now.
Malpractice Insurance Policy Basics
Nevada malpractice insurance comes in several basic forms:
- An occurrence policy provides coverage for alleged incidents (injuries) that happened during the policy year regardless of when the claim gets reported to the carrier. The claim can be reported at any time in the future, even if the policy has cancelled. The occurrence policy provides a separate coverage limit for each year the policy is effective. Occurrence policies offer a steady base premium that does not increase as the policy matures.
- With a claims-made policy, an incident must happen and be reported to the insurance company while the policy is effective. As can be seen, this requires that coverage must extend for a significant period of time to provide adequate protection since a considerable amount of time may elapse between when an incident may have occurred and when a claim is made.
- Tail insurance refers to a policy that the insured can purchase when he discontinues his claims-made policy. Tail coverage requires that the policy holder pay an additional premium. The issue, however, is that the additional premium coverage can be extremely expensive - sometimes 150 or even 200 percent of the price of a mature claims-made policy, depending on the medical specialty and the location.
Is NV Malpractice Insurance Mandatory?
There is no legal requirement to have medical malpractice insurance but it's important to protect yourself and your business against events you cannot foresee. Also, in today's society, people are increasingly ready to bring a claim against you if they feel dissatisfied - whether or not you are actually at fault. Claims can run into many thousands if not millions of dollars and having Nevada malpractice insurance could be the difference between a business being able to survive a claim or not.
Buying Medical Malpractice Insurance
When shopping for a NV medical malpractice liability insurance policy, most physicians focus on premium costs. But physicians shopping for a malpractice policy should also focus on getting the right coverage limits. A coverage limit is a provision in a policy under which the insurance company says that it will only pay for losses sustained by the policyholder up to a certain dollar amount. If limits are too low, the physician is needlessly exposed to personal liability. Too high, and the physician is paying for more coverage than needed.
Malpractice Insurance: Costs and Components
Claims-made policies tend to be less costlier than occurrence policies because of the smaller insurance company time exposure to claims. Some other factors that determine how much the policy costs include:
- Physician or provider specialty (costs vary based upon exposure to risk).
- Type of coverage, occurrence or claims made.
- Limits of liability (aggregate amounts, deductibles and managed care requirements).
- Location of practice (costs vary widely by state, county and city).
- Loss history.
What Does Malpractice Insurance Cover?
NV malpractice insurance covers several expenses involved in defending and settling the malpractice suit; it also pays the damages if you are found liable. The covered costs include: court costs, attorneys' fees, settlement costs, arbitration costs, and compensatory damages and medical damages.
Medical malpractice will usually not cover liability arising from criminal acts, sexual misconduct or alteration of medical records. Other typical exclusions are for: punitive damages and specialized procedures (e.g., radial keratotomy) for which coverage may be "bought back" in return for additional premium.
Handling Malpractice Claims
In most cases, in order for your insurance policy to provide you with coverage, you should notify the insurance company as soon as reasonably possible of the problem. If you do actually become involved in a claim or lawsuit, for example, you receive a summons and complaint, before coverage is activated, you must notify the insurance company right away. Always follow up an oral notice in writing.
Why You Need Malpractice Insurance
Even the most competent professional can make a mistake and should protect against that possibility. Defending a malpractice lawsuit is often expensive even when the defendant wins. Health care professionals win most malpractice lawsuits, but the legal system rarely allows for the recovery of expenses by the winner. Since the cost of defense is high and a loss can be devastating, this insurance product is essential to every practice.
Nevada Economic Data, Regulations And Limits On Commercial Insurance
Nevada is home to one of the most famous cities in the world: Las Vegas; it's also home to numerous businesses and provides great opportunities for entrepreneurs who are thinking about setting up shop in the state.
However, before you set your sights on Nevada, it's important to determine if the state offers an environment that is favorable for your specific industry. In order for a business to thrive, the area it's located in has to offer a target market that will benefit from the goods and services the company offers; it also has to have access to a reliable workforce.
If you are thinking about doing business in the Silver State, it's important to determine if it is a suitable location for your operations.
Below, we provide an overview of two key pieces of information that are vital for the success of a business: economic trends and business insurance requirements.
Economic Trends For Business Owners In Nevada
The unemployment rate of a state is important for prospective business owners, as it provides an overview of the workforce and indicates whether or not businesses are flourishing in the area.
In December of 2019, the Bureau of Labor Statistics reported that the unemployment rate in Nevada was 3.8%. While that's slightly higher than the national average of 3.5% that was also reported in December, 2019, the rate has fallen steadily. For example, in July, 2019, the rate was 4.1% and in November, 2019, it was 4.0%.
There are several industries that are seeing significant gains in NV. Among the most notable sectors include:
- Architecture and engineering
- Arts and culture
- Commercial real estate
- Film and entertainment
- Healthcare and bioscience
- Human resources
- Tax planning and accounting
If you are interested in starting a company in any of these industries, Nevada will offer you ample opportunities.
If you want to see the most success possible, it goes without saying that you'll want to choose a location for your business that offers the most favorable conditions within NV. The following locations are where businesses are experiencing the most success:
- Boulder City
- Carson City
- Las Vegas
- North Las Vegas
Commercial Insurance Requirements In Nevada
The Nevada Division of Insurance regulates insurance in NV. Nevada mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Nevada requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Nevada also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Medical Insurance
Discover small business insurance for medical and dental professionals. Medical malpractice insurance is a type of professional liability that protects health care professionals from liability causing in bodily injury, medical expenses and property damage.
- Ambulatory Surgical Center
- Art Therapy
- Assisted Living Facilities
- Dental Lab
- Dental Office
- Diagnostic Imaging Centers
- Healthcare Facilities
- Home Medical Equipment Dealers
- Marriage & Family Therapy
- Medical Laboratories
- Medical Marijuana Dispensary
- Medical Practice
- Medical, Surgical & Hospital Supply Store
- Mental Health Counseling
- Occupational Therapy
- Physicians Office
- Skilled Nursing Facilities
- Speech Therapy
- Substance Abuse Counseling
Health care providers are the most trusted individuals in our society. Ironically, they are the same ones who can do the greatest harm. They actually have the right to invade our bodies with knives and to poison us with chemicals - all in the name of health care and with the goal of relieving our symptoms and hopefully bringing about a cure.
While the actions of these professionals normally benefit us, insurance coverage must be available for the times when mistakes happen and things go wrong. These professionals and their facilities have extensive property exposures that are becoming more and more intricate and whose values are increasing exponentially.
The 'one size fits all' approach that once could have applied to insurance for health care providers and their facilities no longer applies.
Professional liability offers protection against claims of malpractice for all sums that the medical professional becomes legally obligated to pay as damages because of rendering or failing to render professional services.
Professional and medical malpractice exposures are the most expensive and difficult of all exposures for health care providers. The commercial general liability policy excludes these exposures so separate coverage is needed. Most professional liability policies are written on a claims-made basis and, as a result, tail coverage and retroactive dates are important coverage issues to be aware of when evaluating the insured’s coverage needs and comparing coverages.
The coverage provided is often called medical malpractice. For decades, many involved in the health care field and insurance companies that provide insurance coverage to providers have stated that malpractice lawsuits have created an ongoing crisis of restricting insurance availability, due to loss of insurance companies that write the coverage and significant rate increases.
As a result, state legislatures have taken the following actions to address the situation:
Imposed a dollar limitation of liability for malpractice suits.
Modified statutes of limitation to limit the number of years that a suit may be brought against a physician following a negligent act.
Modified when the statute of limitations takes effect. An example is beginning from a negligent act's occurrence rather than from its discovery.
Passed laws to modify tort law procedures and doctrines that relate to malpractice.
Because of differences in law by state it is important to know the states in which the covered health care providers are licensed and regularly practice. Some health care providers may practice in multiple states because of their particular specialty, their reputation or the demand for their services. Some hospitals may have ownership in facilities or provide services to patients that are outside of their main location state.
Minimum recommended small business insurance coverage: Business Personal Property, Business Income and Extra Expense, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Physicians and Surgeons Floater, Valuable Papers and Records, General Liability, Employee Benefits, Professional, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Building, Earthquake, Equipment Breakdown, Flood, Leasehold Interest, Real Property Legal Liability, Computer Fraud, Forgery, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage and Stop Gap Liability.
Request a free Nevada Malpractice insurance quote in Alamo, Battle Mountain, Beatty, Blue Diamond, Boulder City, Bunkerville, Caliente, Carlin, Carson City, Carter Springs, Cold Springs, Crescent Valley, Dayton, Double Spring, Dyer, East Valley, Elko, Ely, Enterprise, Eureka, Fallon, Fallon Station, Fernley, Fish Springs, Fort McDermitt, Gardnerville, Gardnerville Ranchos, Genoa, Gerlach, Glenbrook, Golconda, Golden Valley, Goldfield, Grass Valley, Hawthorne, Henderson, Imlay, Incline Village, Indian Hills, Indian Springs, Jackpot, Johnson Lane, Kingsbury, Kingston, Skyland, and Humboldt River Ranch, Lakeridge, Lamoille, Las Vegas, Laughlin, Lemmon Valley, Lovelock, McGill, Mesquite, Minden, Moapa Town, Moapa Valley, Mogul, Mount Charleston, Walker Lake, and Zephyr Cove, Nellis AFB, Nixon, North Las Vegas, Orovada, Osino, Owyhee, Pahrump, Panaca, Paradise, Pioche, Reno, Round Hill Village, Ruhenstroth, Ruth, Sandy Valley, Schurz, Searchlight, Silver City, Silver Springs, Smith Valley, Spanish Springs, Sparks, Spring Creek, Spring Valley, Stagecoach, Stateline, Summerlin South, Sun Valley, Sunrise Manor, Sutcliffe, Tonopah, Topaz Lake, Topaz Ranch Estates, Verdi, Virginia City, Wadsworth, Washoe Valley, Wells, West Wendover, Whitney, Winchester, Winnemucca, Yerington and all other cities near me in NV - The Silver State.
Also find Nevada insurance agents & brokers and learn about Nevada small business insurance requirements for general liability, business property, commercial auto & workers compensation including NV business insurance costs. Call us (702) 693-4277.